posted
Here's a pretty helpful link to a site that gives signals and strategies. After doing some of my own T.A. I like to go here to check my work and see if they came up with some of the same support/resistance figures:
I'm long USD/JPY at 99.15 for tonight with a target of 103.00. Stops are below 99.
This one is for fun, I really wouldn't recommend a long until the pair breaks above 100.50 with some conviction. Then I'd try to ride for 100 pips or so before shorting around 103.
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quote:Originally posted by jon clogger: Here's a pretty helpful link to a site that gives signals and strategies. After doing some of my own T.A. I like to go here to check my work and see if they came up with some of the same support/resistance figures:
I'm long USD/JPY at 99.15 for tonight with a target of 103.00. Stops are below 99.
This one is for fun, I really wouldn't recommend a long until the pair breaks above 100.50 with some conviction. Then I'd try to ride for 100 pips or so before shorting around 103.
posted
Closed the dollar yen long when it failed to stay above 100.50 and broke down with equities today. Sold at 100.12 for about 100 pips from the 99.15 mark.
If GBP/USD holds above 1.7050 I may try to scalp a small long position with stops below the psychological 1.70 level.
Otherwise, taking a break tonight, things look ugly.
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posted
Longed USD/JPY at 99.50 with stops at 99.25. This is purely a trendline on the hourly chart that seemed to hold up, nothing more.
This was a quarter of a position since the markets seem to be sitting on the edge of the grand canyon with their feet dangling over contemplating whether or not to jump.
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posted
Well this USD/JPY was a good play. It's sitting just above 101.00 now so I moved stops to 100.68 to lock in 100 pips and ride just below minor support at 100.75-80.
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posted
Closed USD/JPY at 102.96 for a 330 pip gain. Longing USD/CAD right now at 1.1367 based on the 180 minute trendline, quarter position.
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posted
Longed USD/JPY now at 101.61 when it pulled back to hourly upward trendline support. It's weighed down with equities right now, but I'm looking for a re-test of 103.50 resistance to close the trade and short.
Stops are just below 101.00
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posted
USD/JPY floating up again above 102.20, moved stops to break even at 101.61 for the overnight session.
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Thanks Tex. It's funny, but I actually have a small audience. One of my friends is a camera man for American Idol and he checks here periodically for some trading ideas (I hope he doesn't mind I said that).
Another works the night shift for disabled children and doesn't have the time for all the analysis, so he'll play real conservative with my calls. It makes his day, (right Jesse?)
I was emailing them, but the forum is easier, as long as it doesn't violate the rules. Plus it was lonely in here at first, so I invited them along.
They should register and log on.
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posted
Looking to short EUR/USD at 1.3580 with stops at 1.3620 should the price action move back up a little. Limit order is placed.
US equities rule the day here, so if there's a small rebound before a more significant downside, then I should get picked up for the ride.
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posted
Didn't get picked up for the short, but I did long EUR/USD at current levels of 1.3455 for a scalp to 1.3590 and stops at 1.3395.
At just below 1.36 I will short it with everything I've got in anticipation of a deep pullback and new lows below 1.32. By Friday markets will be giving us a real scare- Halloween style.
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posted
2 hours into the trade and its showing some life. If we break above 1.35 I will move stops to break even at 1.3455.
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Touched 1.35 then got smacked down to trendline support at 1.3460, so doubled up at support. Hope she holds here...
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quote:Originally posted by Machiavelli: pssst.. Clogger.. chat about the Forex other then your picks...
What do you mean Mach?
I don't mind someone posting their picks as long as other things are also discussed... most if not all Allstockers are neophytes when it comes to FOREX... so the things you are saying are gibberish language to them... anyways you should be helping them out to learn about Forex instead of just giving out picks... perhaps tell them what a Pip is? What are exotic currencies vs Major currency pairs and why they should embrace one and avoid the other? Tell them brokers don't charge commissions and that their compensation is based on the spread between ask and bids... Which times are the best to trade currencies such as the open of the NY, London and Tokyo markets among others since that is when trading is highest? .... Why it is best not to hold a position overnight and especially not over a weekend? ... Why Forex is greater then the Stock Market because you can put in a limit and stop/loss order at the same time so they take effect at the same time even if you are not in front of your computer screen etc.. etc..
Hope you see what I mean instead of just posting your picks and such... with just posting that, no one participates as you have noticed since essentially your the only poster in this thread/forum on FOREX...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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Mach, learning how to eat is no where near as important as eating. I don't have time to teach folks how to fish and do the due diligence on where to cast their line.
I choose to feed, not teach how to eat.
As far as you minding something, or telling strangers what they should do, wow, I'm speechless.
Do people normally relinquish their posting freedoms and do what you tell them?
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posted
I am not restricting nor suggesting anyone restrict your posting freedoms nor asking you to relinquish your posting freedoms. If I have then please show where I said such things...
As for you not teaching others the benefit of your trading experience in this particular market (Forex)... that is sad that you choose not to teach others what probably took you long to learn which could of been shorten if someone had taken the time to teach you when you first learned...
This site/forum etc.. was meant for more then just people posting their picks... it was also meant for people to learn how to trade... posting picks does no one any good if they do not know what you are talking about...
I myself as Tex and others can attest to never or almost never post my pickings because to me it's a waste of time... I would rather teach newbies the ins and outs of trading then throw them a pick... or someone teach me as well...
But anyways post away your picks then... my trying to reason with you obviously goes in one ear and out the other and as such i have wasted my time... I would of learned from you but obviously i'll have to look elsewhere to do so...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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posted
Please accept my apology Mach, I misunderstood you.
You reason well, and although I would agree that it does in fact go in one ear and out the other, sometimes it catches.
I'm not completely on the same page as far as the picks being a waste of time, since that's the bread-n-butter of the game, the supreme culmination of everything a trader studies, discusses, and the epitome of your infamous "money never sleeps pal" slogan which I think you own.
But your point about the communication being useless if no one speaks the same language is aptly made.
2 things occurred: I was having a bad day and took your post as consisting of unseen expectations for fellow posters, and I assumed others here were looking at the same Forex indicators I'm looking at.
Again, I sincerely apologize.
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posted
Okay, this next trade is going to be the mother of trades, well a big one worth not missing.
U.S. Equities are struggling to come up for air and EUR/USD is currently married to whatever the stock market is doing.
If you look at the hourly chart of EUR/USD you can see a triangle forming from Oct. 10 lows and Oct. 14 highs to current pricing. I won't be able to explain Elliot wave theory as well as some of you, but the pair is in a forth minor (d) wave in a larger fourth wave (IV). The end result of this triangle is a large move down into wave five (V). Also, I use fib levels to determine stops and take profits, but I can't explain that as well as some of you either. In currencies, Elliot and Fibonacci rule the day.
This trade is important because it's an opportunity to get in at a price level that may not be revisited for some time, and to make a lot of pips.
I'm short one half unit at 1.3560, and another half at 1.3580 with tight stops at 1.3605. The reason for such a small risk/reward on this move is because there is a plan B about 100 pips higher but I don't think we'll see it given the current market conditions.
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posted
One more tidbit regarding this play: If your charts have the 3 EMA's referenced from Kermits original article that started this thread, you will see massive resistance at the 1.36 level.
The three are 169, 144, and 12 (my favorite little scalper ema)
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quote:Originally posted by jon clogger: Please accept my apology Mach, I misunderstood you.
You reason well, and although I would agree that it does in fact go in one ear and out the other, sometimes it catches.
I'm not completely on the same page as far as the picks being a waste of time, since that's the bread-n-butter of the game, the supreme culmination of everything a trader studies, discusses, and the epitome of your infamous "money never sleeps pal" slogan which I think you own.
But your point about the communication being useless if no one speaks the same language is aptly made.
2 things occurred: I was having a bad day and took your post as consisting of unseen expectations for fellow posters, and I assumed others here were looking at the same Forex indicators I'm looking at.
Again, I sincerely apologize.
Nothing to apologize... was just an opinion and observation... I think putting charts with your posts/picks would help... so we can all see what you see... i think some peeps here do not have charting software or accounts for FOREX...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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posted
Fair enough, I just need to know how to post charts here.
The rally in the markets today gave enough of a jump start for the EUR/USD train to head towards my limit order. Iam about 80 pips away from getting picked up. So perhaps in the overnight session.
Then things may just fall apart tomorrow morning during the NY session, which would help my short drive into wave 5 down.
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posted
Right now Im staying out of the markets and staying in cash... this markets crazy (all financial markets)... once the smoke clears and settles down a little i'll go back in... perhaps it won't be until after the elections or new year when Bush leaves...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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posted
Probably a prudent thing to do Mach. This volatility is historical- with moves in a single day that would normally take weeks.
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there is just no set patterns... no rhyme or reason to this volatility that i'll be guessing more then i'm predicting the outcome for a stock or financial instrument in any given day... right now FEAR is running the market more then GREED, so it's best to wait in the sidelines till it all clears up and it moves in a nice set pattern...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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posted
Mach, this one looks like a much better pick than the previous.
I've tried many platforms before I ended up with Oanda. The big thing I look for is slippage on trade executions.
That can only be monitored with a demo or live account, so that's your call if you want to probe a little deeper.
The only thing that concerns me is they offer 400/1 leverage. Brokers who are willing to go that high are essentially saying they don't plan on seeing any good traders, just people who will lose, and with that leverage lose fast.
I know it sounds crazy to say what would seem like a good thing really not good at all, but it's not. The good traders are happy with lots of small gains.
I look at it like this- I don't want to jump into this massive war between the banks. I just want to pick the pockets of the dead. Enough of that will eventually add up.
Oanda only offers 50/1 max, and the pros don't go over 10/1. This to me reflects financial responsibility and shows restrain and even some protection for their clients. It also helps me feel better about leaving large sums of money in the account.
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